Onterris, Inc.
MEGHIGH VELOCITYDEAL MODE DOMINANTOnterris, Inc. reads as an High Velocity (composite 78/100); Consistent Strategic Buyer deploying $182M across 11 disclosed transactions, running flat vs the prior cycle · primary market Waste.
Lens
Disclosed M&A capital (2023–2025)
$182M
vs $205M in 2020–2022
Disclosed transactions
11
2/3 active fiscal years in window
Buyer archetype
Consistent Strategic Buyer
Meaningful spend appears across repeat years.
Composite score
78
High Velocity dominates · Deal Mode Dominant
Montrose Environmental (MEG) is a public-company acquirer in waste management with $113M of disclosed M&A spend across 6 acquisitions over 1 active years. Strategy mix is led by Bolt On (44%), Geographic Expansion (22%), Horizontal Consolidation (15%). Current capacity: $10M cash, $310M total debt, 3.9x net leverage (high yield range). Currently $70M above the IG 3.0x threshold; $83M of remaining debt capacity before the 5.0x HY ceiling. Disclosed median deal size sits at $19M.
- “our ability to execute on our acquisition strategy and successfully integrate and realize benefits from our acquisitions;”- 10-K FY2025
- “A significant portion of our historical growth has occurred through acquisitions”- 10-K FY2024
- “The success of our business depends, in part, on our ability to execute on our acquisition strategy.”- 10-K FY2023
- ▸Continued tuck-in cadence around existing operations
- ▸Disciplined size constraint suggests no transformational deals
- ▸Limited to deal sizes under $83M if debt-funded.
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $387M disclosed buyer spend
- Filed within 19d
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 19d
- 25 acquisition-history signals
- 52 8-Ks
Target Probability
Issuers showing target-side patterns from filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
Pressure Watch
Issuers facing activism, governance, or control pressure
Distress Watch
Issuers showing financial-distress filing patterns
Restatement Risk
Issuers with accounting-integrity flags from filings
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 52 8-Ks
- Filed within 19d
- 4 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $963M
- 10-Q 19d ago
- 2 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $175M · Peak count: 6
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | N/A | N/A | N/A | N/A |
| 2024 | 6 | $113M | $19M | N/A |
| 2023 | 5 | $69M | $14M | N/A |
| 2022 | 5 | $30M | $6M | N/A |
| 2021 | 6 | N/A | N/A | N/A |
| 2020 | 3 | $175M | $58M | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Bolt On20%
- Geographic Expansion20%
- Horizontal Consolidation20%
- Talent Acquisition20%
- Technology Acquisition20%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- bolt_on
- geographic_expansion
- horizontal_consolidation
- technology_acquisition
- talent_acquisition
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“our ability to execute on our acquisition strategy and successfully integrate and realize benefits from our acquisitions;”
“We maintain a robust acquisition pipeline primarily driven by word of mouth and existing relationships.”
“The success of our business depends, in part, on our ability to execute on our acquisition strategy.”
“A significant portion of our historical growth has occurred through acquisitions”
“We intend to continue acquiring businesses at disciplined valuation levels.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Waste
- Market spend (2023–2025)
- $24.4B
- Market spend (2020–2022)
- $21.3B
- Recent vs prior
- +15%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
MEG trades at a -1.9-turn discount to the Waste peer median of 13.2×.
- EV / Revenue
- 1.2×
- Net debt / EBITDA
- 3.9×
- Peer median EV / EBITDA
- 13.2×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
| 17.3× | 5.0× | 3.3× | $9.6B | $3.6B | |
| 14.7× | 4.3× | 3.1× | $25.4B | $8.1B | |
| 13.2× | 2.5× | 1.9× | $6.1B | $598M | |
| 12.7× | 3.7× | 2.8× | $16.7B | $3.1B | |
| 12.0× | 3.9× | N/A | $6.7B | N/A | |
Onterris, Inc.MEG | 11.3× | 1.2× | 3.9× | $821M | $182M |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Waste. Bars scaled to the highest EV/EBITDA in the set.
Target landscape.
Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.
No qualifying public-issuer targets surfaced from the current signal mix.
Stated target categories
No target categories enumerated in the audited corpus for this issuer.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)62026-02-26
- 10-Q (quarterly)182026-05-07
- 8-K (event)522026-05-06
- Proxy / DEF 14A132026-03-24
- Activism (13D / DFAN / PREC)0N/A
Signals on file
- info
Signal
Disclosed acquisition spend
- info
Signal
10-K strategy themes
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.